LB Pharmaceuticals (NASDAQ:LBRX) Reaches New 52-Week High – Here’s Why

LB Pharmaceuticals Inc (NASDAQ:LBRX)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $38.63 and last traded at $34.6480, with a volume of 27895 shares changing hands. The stock had previously closed at $34.78.

Wall Street Analyst Weigh In

Several analysts have issued reports on LBRX shares. Wall Street Zen raised shares of LB Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Wolfe Research assumed coverage on LB Pharmaceuticals in a research note on Tuesday, July 7th. They set an “outperform” rating and a $45.00 target price on the stock. Craig Hallum initiated coverage on LB Pharmaceuticals in a report on Friday, April 10th. They issued a “buy” rating and a $36.00 price target on the stock. BMO Capital Markets started coverage on LB Pharmaceuticals in a research note on Monday, July 20th. They set an “outperform” rating and a $46.00 price target for the company. Finally, Weiss Ratings upgraded LB Pharmaceuticals from a “sell (d-)” rating to a “sell (d+)” rating in a report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.43.

LB Pharmaceuticals Trading Up 11.6%

The firm has a market capitalization of $1.12 billion and a P/E ratio of -22.54. The stock has a 50-day simple moving average of $30.97 and a two-hundred day simple moving average of $27.41.

LB Pharmaceuticals (NASDAQ:LBRX) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.67) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.08. As a group, research analysts expect that LB Pharmaceuticals Inc will post -3.58 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LBRX. California State Teachers Retirement System bought a new stake in shares of LB Pharmaceuticals in the 4th quarter valued at about $26,000. Bank of America Corp DE bought a new position in shares of LB Pharmaceuticals during the third quarter valued at approximately $27,000. Russell Investments Group Ltd. purchased a new position in LB Pharmaceuticals during the fourth quarter valued at approximately $34,000. Strs Ohio bought a new position in LB Pharmaceuticals in the fourth quarter worth approximately $76,000. Finally, Persistent Asset Partners Ltd bought a new position in LB Pharmaceuticals in the fourth quarter worth approximately $91,000.

About LB Pharmaceuticals

We are a clinical-stage biopharmaceutical company developing novel therapies for the treatment of schizophrenia, bipolar depression, and other neuropsychiatric diseases. We are building a pipeline that leverages the broad therapeutic potential of our lead product candidate, LB-102, which we believe has the potential to be the first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States. LB-102 is a new chemical entity and a methylated derivative of amisulpride, a second-generation antipsychotic drug approved in over 50 countries, not including the United States, because the development and regulatory requirements of the U.S.